Permitted Real Estate Debt means that certain Indebtedness described on Schedule 1.02(P), and any other Indebtedness (other than Swap Contracts) of a Loan Party (i) secured solely by real property, fixtures, related real property rights, related contracts and proceeds of the foregoing, owned by such Loan Party, and (ii) for which no Person other than the obligor of such Indebtedness, the Company or any Subsidiary which is a Loan Party has any liability with respect to such Indebtedness, in each case of clauses (i) and (ii), so long as (x) the aggregate amount of all Permitted Real Estate Debt outstanding at any time shall not exceed eighty-five percent (85%) of the value of the real property securing such Indebtedness, as evidenced by the respective appraisals of the real property ordered in connection with obtaining such Indebtedness, (y) the amount of any Permitted Real Estate Debt relating to a particular parcel of real property shall not exceed one hundred percent (100%) of the value of such parcel securing such Indebtedness, as evidenced by the respective appraisal of such parcel ordered in connection with obtaining such Indebtedness, and (z) upon the request of the Administrative Agent, the Company shall promptly deliver to the Administrative Agent a copy of any appraisal described in clause (x) or (y) above.
Permitted Real Estate Debt means (i) Indebtedness of a Subsidiary existing as of the Closing Date or incurred in connection with a Permitted Acquisition, provided that such Indebtedness is secured solely by real estate, improvements, fixtures, leases, rents and related real property rights of such Subsidiary used in the day-to-day operations of its business and (ii) other Indebtedness and related interest rate swap agreements of a Subsidiary, provided that such Indebtedness is secured solely by such real estate, improvements, fixtures, leases, rents and related real property rights of such Subsidiary and further provided that the amount of such indebtedness does not exceed 95% of the fair market value of the real estate collateral securing such Indebtedness.
Permitted Real Estate Debt means (i) debt incurred or assumed by the Borrower or its Subsidiaries which was incurred for the purpose of financing all or any part of the cost of acquisition or improvement of any Real Estate for use in the ordinary course of business of such Person in compliance with this Agreement and (ii) other debt incurred or assumed by the Borrower or its Subsidiaries in an amount not in excess of $10,000,000 at any time outstanding for the Borrower and its Subsidiaries on a consolidated basis that is secured by Real Estate; provided that in the case of clause (ii) above the Administrative Agent shall also have a second-priority Lien on such Real Estate as security for the payment of the Obligations, in form and substance satisfactory to the Administrative Agent.
Examples of Permitted Real Estate Debt in a sentence
Permitted Real Estate Debt Documents: that certain Loan Agreement dated as of February 16, 2016 between Parent and Bank of the West together with all notes, mortgages, deeds of trust, security agreements, Hedging Agreements and other documents executed by Parent or its Subsidiaries in connection therewith, in each case, as amended, replaced, supplemented, extended, refinanced, replaced or otherwise modified from time to time.
Amend, modify or otherwise alter (or suffer to be amended, modified or altered) any of the material terms and conditions of those documents or instruments evidencing or otherwise related to any Debt set forth on Schedule 8.1, any Subordinated Debt, the Senior Unsecured Debt, the Permitted Real Estate Debt or any Permitted Securitization, or waive (or permit to be waived) any provision thereof in any material respect, without the prior written approval of Agent and the Majority Lenders.
Upon the incurrence of Permitted Real Estate Debt, and in compliance by the Credit Parties with the mandatory prepayment provisions of Section 2.15(b)(ii) of this Agreement and the satisfaction of the conditions set forth in Section 12.12 of this Agreement, the Agent shall release the applicable real estate from the Lien of the applicable Mortgages pursuant to the request of the Credit Parties.
Upon the incurrence of Permitted Real Estate Debt, and compliance by the Borrowers with the mandatory prepayment provisions of Section 2.15(b)(ii), the Agent shall release the applicable real estate from the Lien of the Mortgage.
More Definitions of Permitted Real Estate Debt
Permitted Real Estate Debt means (i) debt incurred or assumed by the Borrower or its Restricted Subsidiaries which was incurred for the purpose of financing all or any part of the cost of acquisition or improvement of any owned real property after the Closing Date for use in the ordinary course of business of such Person in compliance with this Agreement and (ii) other debt incurred or assumed by the Borrower or its Restricted Subsidiaries in an amount not in excess of $25,000,000 at any time outstanding for the Borrower and its Restricted Subsidiaries on a consolidated basis that is secured by real estate owned or leased as of the Closing Date.
Permitted Real Estate Debt means Indebtedness of a Borrower or any Subsidiary (i) secured solely by real estate owned by such Borrower or any Subsidiary thereof, the amount of which does not exceed eighty-five percent (85%) of the value of the real estate securing such Indebtedness (determined on a per loan basis), as evidenced by an appraisal of the real estate ordered in connection with obtaining such Indebtedness, and (ii) for which no Person other than the obligor of such Indebtedness or the Company has any liability with respect to such Indebtedness.
Permitted Real Estate Debt means (i) debt incurred or assumed by the Borrower or its Subsidiaries which was incurred for the purpose of financing all or any part of the cost of acquisition or improvement of any Real Estate after the Closing Date for use in the ordinary course of business of such Person in compliance with this Agreement and (ii) other debt incurred or assumed by the Borrower or its Subsidiaries in an amount not in excess of $25,000,000 at any time outstanding for the Borrower and its Subsidiaries on a consolidated basis that is secured by Real Estate owned or leased as of the Closing Date.
Permitted Real Estate Debt in Section 1.1 of the Credit Agreement is amended, so that, as amended, such definition shall read as follows:
Permitted Real Estate Debt means that certain Indebtedness described on Schedule 6.1(h), and any other Indebtedness (other than Swap Contracts) of a Loan Party (i) secured solely by real property, fixtures, related real property rights, related contracts and proceeds of the foregoing, owned by such Loan Party, and (ii) for which no Person other than the obligor of such Indebtedness, the Borrower or any Subsidiary which is a Loan Party has any liability with respect to such Indebtedness, in each case of clauses (i) and (ii), so long as (x) the aggregate amount of all Permitted Real Estate Debt outstanding at any time shall not exceed eighty-five percent (85%) of the value of the real property securing such Indebtedness, as evidenced by the respective appraisals of the real property ordered in connection with obtaining such Indebtedness, (y) the amount of any Permitted Real Estate Debt relating to a particular parcel of real property shall not exceed one hundred percent (100%) of the value of such parcel securing such Indebtedness, as evidenced by the respective appraisal of such parcel ordered in connection with obtaining such Indebtedness, and (z) upon the request of the Agent, the Borrower shall promptly deliver to the Agent a copy of any appraisal described in clause (x) or (y) above; provided that, the 4Q 2010 Seller Real Estate Debt and the real property securing such Indebtedness shall not be included in the calculation in determining whether the aggregate eighty-five percent (85%) loan to value requirement set forth in clause (x) above has been satisfied.
Permitted Real Estate Debt means Indebtedness of a Borrower (i) secured solely by real estate owned by such Borrower, the amount of which does not exceed eighty-five percent (85%) of the value of the real estate securing such Indebtedness (determined on a per loan basis), as evidenced by an appraisal of the real estate ordered in connection with obtaining such Indebtedness, and (ii) for which no Person other than the obligor of such Indebtedness or the Company has any liability with respect to such Indebtedness.
Permitted Real Estate Debt means that certain Indebtedness described on Schedule 7.01(f), and any other Indebtedness (other than Swap Contracts) of a Loan Party (i) secured solely by real property, fixtures, related real property rights, related contracts and proceeds of the foregoing, owned by such Loan Party, and (ii) for which no Person other than the obligor of such Indebtedness, the Borrower or the tenant occupying such property has any liability with respect to such Indebtedness; provided further that (x) the aggregate amount of all Permitted Real Estate Debt outstanding at any time shall not exceed eighty-five percent (85%) of the value of the real property securing such Indebtedness, as evidenced by the respective appraisals of the real property ordered in connection with obtaining such Indebtedness, (y) the amount of any Permitted Real Estate Debt relating to a particular parcel of real property shall not exceed one hundred percent (100%) of the value of such parcel securing such Indebtedness, as evidenced by the respective appraisal of such parcel ordered in connection with obtaining such Indebtedness, and (z) upon the request of the Administrative Agent, the Borrower shall promptly deliver to the Administrative Agent a copy of any appraisal described in clause (x) or (y) above.